Fed Chair Powell: ‘Significant progress’ made on inflation

by ian

Yesterday, Federal Reserve Chair Jerome Powell touted “significant progress” in taming historic inflation.

His comments to a Portugal banking conference come days after federal data shows that the annual core price increase fell to 2.6% in May. That’s the lowest reading in more than three years.

Despite this report, Powell says Central Bank policymakers want greater confidence that inflation is trending toward 2% before loosening its restrictive monetary policy.

U.S. stocks rallied yesterday following the remarks. The S&P 500 and Nasdaq both closed at record highs. Notably, it’s the first time the S&P has capped 5,500 at the closing bell.